Okla. Stat. tit. 68, § 68-2829: Valuation of property pursuant to accepted mass appraisal

methodology.

A. Each county assessor, in order to comply with the provisions

of Section 17 of this act requiring the annual valuation of all

taxable real and personal property within the county, shall

establish the fair cash value of such taxable property using an

accepted mass appraisal methodology.

B. For purposes of this section "accepted mass appraisal

methodology" shall mean the process for making estimates of fair

cash value for a property about which no direct or timely

information is available concerning economic value by using known

information about the property characteristics, location, use, size,

sales price and other information of similar properties. Such mass

appraisal methodology may include multiple regression analysis or

other statistical techniques for mass appraisal. If information of

similar properties is not available in the taxing jurisdiction, the

county assessor may use other applicable regional or national

information to annually determine the fair cash value of a property

estimated at the price it would bring at a fair voluntary sale as

provided in Section 17 of this act.

C. Each county assessor shall utilize the information gathered

from the visual inspection of real property conducted during each

year of the four-year cycle for such inspections and shall conduct

such statistical calculations using the data so acquired together

with sales price or other information available as may be required

to make accurate estimates of fair cash values for all taxable real

or personal property within the county each year. The results of

such calculations shall be recorded on the assessment roll of the

county on an annual basis in order to reflect any increase or

decrease in the fair cash value of any property in any year.

D. The statistical analysis required by this section shall be

performed within each county using such computer facilities as may

be available, but shall be conducted in accordance with procedures

established for the uniform mass appraisal program established by

the Oklahoma Tax Commission.